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Share and Unit-Based Plans (Tables)
 6 Months Ended
Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of activity of non-vested LTIP Units, stock awards, phantom stock and stock units
The following table summarizes the activity of the non-vested LTIP Units, phantom stock units and stock units:
 
LTIP Units
 
Phantom Stock Units
 
Stock Units
 
Units
 
Value(1)
 
Units
 
Value(1)
 
Units
 
Value(1)
Balance at January 1, 2018
636,632

 
$
52.36

 
4,054

 
$
79.82

 
151,355

 
$
73.32

Granted
569,136

 
51.78

 
7,337

 
63.03

 
86,495

 
59.00

Vested
(189,044
)
 
57.49

 
(7,761
)
 
54.70

 
(107,505
)
 
74.43

Forfeited
(23,666
)
 
44.28

 
(845
)
 
77.91

 
—

 
—

Balance at June 30, 2018
993,058

 
$
51.24

 
2,785

 
$
66.79

 
130,345

 
$
64.24

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Value represents the weighted average grant date fair value.
During the six months ended June 30, 2018, the Company granted the following LTIP Units:
Grant Date
 
Units
 
Type
 
Fair Value per LTIP Unit
 
Vest Date
1/1/2018
 
65,466

 
Service-based
 
$
65.68

 
12/31/2020
1/1/2018
 
291,326

 
Market-indexed
 
$
44.28

 
12/31/2020
1/29/2018
 
13,632

 
Service-based
 
$
66.02

 
2/1/2022
1/29/2018
 
1,893

 
Service-based
 
$
66.02

 
12/31/2020
1/29/2018
 
7,775

 
Market-indexed
 
$
48.23

 
12/31/2020
3/2/2018
 
99,407

 
Service-based
 
$
59.04

 
3/2/2018
4/26/2018
 
89,637

 
Service-based
 
$
55.78

 
4/26/2018
 
 
569,136

 
 
 
 
 
 
Summary of activity of SARs and stock options outstanding
The following table summarizes the activity of the stock appreciations rights ("SARs") and stock options outstanding:
 
SARs
 
Stock Options
 
Units
 
Value(1)
 
Units
 
Value(1)
Balance at January 1, 2018
235,439

 
$
53.83

 
35,565

 
$
57.32

Granted
—

 
—

 
—

 
—

Exercised
(235,439
)
 
53.83

 
—

 
—

Balance at June 30, 2018
—

 
$
—

 
35,565

 
$
57.32

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Value represents the weighted average exercise price.
Compensation cost under the share and unit-based plans
The following summarizes the compensation cost under the share and unit-based plans:
 
For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
 
2018
 
2017
 
2018
 
2017
LTIP Units
$
8,275

 
$
5,242

 
$
18,383

 
$
19,623

Stock units
1,515

 
1,333

 
4,745

 
3,945

Stock options
31

 
15

 
62

 
19

Phantom stock units
170

 
183

 
413

 
360

 
$
9,991

 
$
6,773

 
$
23,603

 
$
23,947